Question - Michael has generated general business credits over the years that have not been utilized. The amounts generated and not utilized follow:
|
2010
|
$3,500
|
|
2011
|
6,500
|
|
2012
|
6,000
|
|
2013
|
7,500
|
In the current year, 2014, his business generates an additional $17,000 general business credit. In 2014, based on his tax liability before credits, he can utilize a general business credit of up to $25,000. After utilizing the carry forwards and the current year credits, how much of the general business credit generated in 2014 is available for future years?
a. $15,500.
b. $1,000.
c. $14,000.
d. $15,000.